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Podcast: Solution Building
Episode: The Payment Application is Another Important Tool in the Business BUILDing Toolbox
Description: This tool helps the construction companies see their cash flow ahead of time. Concerns about cash flow is one of the biggest struggles construction companies and contractors face — and for good reason. These businesses typically lay out large amounts of money for project-related expenses. Waiting to get paid until the job is complete is a sure way for a company to go out of business. An alternative approach is for businesses to be paid when predefined stages or percentages of a project are complete, a model called “progress payments.” Progress payments benefit all parties involved.